“It’s made of 2,018 one-ounce gold Vienna Philharmonic coins, and topped with a 20-ounce gold Vienna Philharmonic coin. That makes 63 kilograms of pure gold in total, and at the current rate that has a value of about 2.3 million euros,” Summa said.

That’s over 2.6 million U.S. dollars.

Although that may sound like an exorbitant amount, the gold rate has actually fallen in the first half of this year.

“We certainly had problems in the first half of the year. The gold rate was flat for months, there was no movement in the market and physical demand was relatively low. That has changed in the second half of the year, as we have seen a clear revival of the market,” Summa said.

Why has gold been having such a hard time?

“There are several reasons for this. The dollar is very strong, and the gold rate often develops conversely to the dollar. The gold rate has lost a lot of value in both dollars and euros, so many customers have been buying up gold and getting a good deal,” Summa added.

The three-meter high gold Christmas tree is made in cooperation with the Austrian Mint and took over an hour to assemble.

It will be on display at the Pro Aurum’s Munich gold-house until Dec. 15.

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